Sale of land and purchase
Pooja Agrawal (Student CA Final ) (164 Points)
26 January 2014
if i sold a land and repurchase another then can i get any exemption...
5 Replies
Sheel priya
(Article & CA FINAL)
(160 Points)
Replied 26 January 2014
Yaaaa sec 54 provide exemption for capital gain
Mihir
(Wealth Manager)
(5293 Points)
Replied 26 January 2014
One is required to purchase another plot within 2 years after the sale of a plot to avail exemption u/s 54F.
Stranger
(.)
(5531 Points)
Replied 27 January 2014
Yes u/s-54B, provided the land sold has been used for agricultural purpose for 2 years preceeding the date of transfer & the new land has also been purchased for agricultural purpose within a period of 2 years from date of transfer. If the land sold is not an agricultural land & also sold after 36 months then u can claim exemption u/s-54EC by making investments, subject to Rs.50 lakhs in any F.Y., in NHAI or RECL bonds within 6 months from date of transfer & u/s-54F by purchasing a house 1 year before or within two years after date of transfer or consturcting a house within 3 years after date of transfer.
Suraj
(Service)
(260 Points)
Replied 30 January 2014
Pooja you need to give some more details about land like is it agricultural land, is it long term capital asset or short term asset?
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